An analyst known for making well-timed altcoin calls believes that top meme coin Dogecoin (DOGE) is preparing for a new spotlight.
Pseudonymous analyst Brantz told his 306,000 followers on social media platform X that DOGE appears to be in the early stages of a new five-wave rally on the 12-hour chart.
This trader follows Elliott wave theory, which states that bullish assets witness a 5-wave surge before entering into an ABC wave correction.
Mr. Brandts says,
“In my opinion, the monster DOGE moved overnight and now looks undeniably impulsive again.
A return to new highs above $0.50 is probably underway. ”
Based on the trader’s chart, he appears to be suggesting that Dogecoin will reach a price above $0.60 before the fifth wave rally ends.
The analyst is also keeping an eye on the Dogecoin vs. Bitcoin (DOGE/BTC) trading pair. Brantz said the charts show DOGE outperforming BTC before the bull market ends.
“The DOGE/BTC ratio is essentially still accumulating. It is unlikely to snowball and rise significantly by the end of the cycle.”
As of this writing, DOGE is trading at $0.379.
Regarding Ethereum, Bruntz said ETH is bullish on both USD and BTC trading pairs. According to the analyst, Ethereum may be flashing signals that suggest its relative underperformance is now a thing of the past.
“We have a solid two-week range breakout for ETH here, with nice lows on the high timeframe for ETH/BTC.
Being a clown with ETH is easy and fun until it's not. ”
As of this writing, Ethereum is worth $3,618.
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